UK Government reveals £375bn National Infrastructure Plan (NIP)
The Government has revealed the details of an impressive infrastructure spending plan for the next two decades, that will see 375 billion pounds being invested in energy, transport, communications, and water projects.
The National Infrastructure Plan (NIP) was described, according to media reports, as “a blueprint for Britain”, designed to help achieve “long-term sustainable growth”, as a Government official has commented.
The plans include provisions such as further £50m for a redevelopment of the railway station at Gatwick Airport, government guarantee to support finance for the development of a new nuclear power station at Wylfa, North Wales, confirmation that a UK guarantee has now been agreed for the £1bn Northern Line extension to Battersea in London, as well as funding for improvements to the A50 around Uttoxeter, in Staffordshire and improvements to the A14 around the strategically important port of Felixstowe in Suffolk.
Furthermore, simultaneously to the NIP announcement, the insurance industry, represented by insurers such as L&G, Prudential, Aviva, Standard Life, Friends Life, and Scottish Widows, also unveiled plans to invest £25bn in a range of infrastructure projects following changes in European rules pushed for by the UK which incentivise investment in a wider range of assets.
These plans represent a very important step forward for the UK’s infrastructure and also paint a very positive picture regarding the future of the construction and services industry, which is poised for significant growth.
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